Tokenization Project from Goldman Sachs
Goldman Sachs, one of the world’s largest financial institutions, announced that they will develop three products on tokenization by the end of the year. In the statement, it was stated that the products to be released will be available for use in the US and European markets. It was also stated that Goldman Sachs would prefer permission-requiring blockchains, unlike BlackRock and Franklin Templeton, which had previously come to the fore with tokenization projects due to regulatory concerns.
DEXes on Solana Continue to Outperform Ethereum
Projects on Solana continue to show strong performances. In Solana, which has achieved a significant trend especially with memecoins, it has been observed that the decentralized exchanges (DEX) on the network also showed a strong performance. With this performance, DEXs on Solana surpassed DEXes on Ethereum in daily transaction volumes for the first time on Monday, July 8. It was seen that the same projects renewed this on Wednesday and a total transaction volume of $ 2,097 billion was realized against the volume of $ 1,534 billion on Ethereum.
CFTC Chairman Says Crypto Assets Are Commodities
Rostin Benham, Chairman of the CFTC, the institution responsible for commodities in the USA, stated at the US Senate hearing that Bitcoin and Ethereum are commodities, not securities, and that regulatory control should be given to his own institution. At the same time, Benham added that 70 to 80% of crypto assets are not securities.
Progress Chamber Calls out Biden for Crypto Policy Ahead of Elections
Chamber for Progress, a technology industry group, has called on president Joe Biden to support a ‘crypto-friendly digital asset policy’ ahead of the upcoming 2024 US presidential election. The group also advised Biden against his current stance on crypto regulations, stating that rival candidate Donald Trump could gain a natural advantage if the stance continues. In a letter to the president, the group suggested that a comprehensive policy of crypto regulations could boost Biden’s support among young voters. It cited statistics showing that more than 50% of Gen Z and Millennial voters support federal policies that encourage the use of digital assets in the United States.
Partnership Between Chiliz and Alchemy Pay
Chiliz has partnered with Alchemy Pay to improve its ability to accept traditional currency payments for digital assets. The collaboration, detailed in a recent Medium blog post by Chiliz, marks an important moment for the integration of traditional finance with digital assets within the Chiliz ecosystem. According to the announcement, Alchemy Pay now supports CHZ and 13 fan tokens, including ACM, ARG and ATM, facilitating purchases via fiat channels such as Visa, Mastercard, local mobile wallets and bank transfers.
Decline in Correlation Between Bitcoin and Nasdaq
The 90-day correlation coefficient between Bitcoin and Nasdaq 100, where technology companies are concentrated, decreased to 0.21. This value appears to be the lowest value since the beginning of May. In the last two months, this value has fallen by more than 50%. A correlation of 1 means that both assets are moving in the same direction at exactly the same time, while a correlation of 0 means that both assets are moving in the exact opposite direction. According to experts, Bitcoin was affected by unique supply events. It is thought that Mt.Gox and the German Government are influential in this regard.
$147 Million Net Inflows into US Spot Bitcoin ETFs
U.S. spot Bitcoin ETFs recorded total net inflows of $147.37 million on Wednesday, delivering positive funds flows for the fourth consecutive day. Fidelity’s FBTC led this with $57.79 million, while Franklin Templeton’s spot Bitcoin fund recorded its biggest inflow since May with $31.66 million. BlackRock’s IBIT and Valkyrie’s BRRR also saw significant inflows. Grayscale’s GBTC was the only fund to report a net outflow of $8.15 million. Despite the recent inflows, total trading volume remained significantly lower than the March and April peaks at $1.25 billion. Bitcoin’s value fell 2% to $57,623, but it is predicted that it could reach $100,000 by the end of the year due to political changes and the possibility of interest rate cuts by the US Federal Reserve.
Ethereum Reached New Records
The Ethereum 2.0 Beacon Deposit Contract currently holds more than a third of the network’s supply and hit an all-time high of 47.36 million ETH this week. This corresponds to 33.9% of the total supply. While it held just 10.9% of the supply two years ago, this proportion has now more than tripled. According to Santiment data, large wallets (holding more than 10 million ETH) increased their share by 23%, while the share of smaller wallets decreased. Despite the increase in staking participation, staking reward rates and inflation rates have decreased. This low inflation rate could benefit the value of ETH in the long run.
Trump to Speak at Bitcoin Conference in Nashville
Former US President Donald Trump will speak at the Bitcoin Conference in Nashville, Tennessee, later this month. By joining the conversation, he is expected to gain support from the Bitcoin community. Independent candidate Robert F. Kennedy, who will speak at the conference, welcomed Trump’s new stance on Bitcoin and stated that his supporters will support Trump if he is not in the race. The Republican Party’s draft policy platform promises to protect Bitcoin and oppose the Biden administration’s regulatory approach. Other notable names who will speak at the conference include Michael Saylor, Edward Snowden and various politicians.
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BITCOIN (BTC)
BTC is priced at $58,000 with a 0.50% gain in value as of the morning hours. After the retest to $54,200, the upward movement seems to have started. The first support is $56,000. In case of an upward reaction from this region, $ 58,800 must be broken upwards and persistence must be achieved. As resistance, $60,000 seems strong.
ETHEREUM (ETH)
ETH is priced at $3098 with a 0.08% loss in value as of the morning hours. It seems to have received a reaction after falling to $2816. If there is no persistence above $3100, the decline may continue. If it is sustained above $3100, there may be an increase up to $3500.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.4426 with a 0.57% gain in value. It seems to have received a reaction at $0.38. $0.45 is working as resistance. If the decline continues, $0.30 may act as support. If $0.30 acts as support, $0.50 may reappear. For the rise, a break above $0.45 and persistence is required.
AVALANCHE (AVAX)
AVAX is priced at $25.72 with a 0.12% loss in value as of the morning hours. It seems to have received support at $22. The upside correction may continue towards $28.00. If the decline continues, $20 can be determined as major support. Permanence above $27 is required for the rise.
SOLANA (SOL)
SOL is priced at $141.09 with a 0.60% depreciation as of the morning hours. When we examine the daily chart, we see that there is a pricing above the $ 140 level, which we follow as the resistance zone after yesterday’s reaction. If this movement continues, the $ 150 level can be followed. In case of withdrawals, the levels of 140 and 135 dollars appear as support.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $12.71 with a 0.60% gain in value. When we examine the four-hour chart, we see that there is an upward movement and it is trying to maintain permanence above the $13 level. Above this area, the $13,500 level appears as a resistance zone. In case of withdrawals, the $ 12,500 level can be followed as support.
BCH
BCH is priced at $343 with a 0.82% gain in value as of the morning hours. When we examine the hourly chart, we see that the falling trend line has been broken upwards. If this movement continues and persists above the $350 level, the $360 region can be targeted. In downward movements, the $ 340 level can be followed as support.
PNG
As of the morning hours, PNG is priced at $0.2790 with a 0.25% depreciation. When we examine the 12-hour chart, we see that there is a short-term downward breakout movement. But we are also very close to the support zone of $0.25. If there is a strong move above this zone, a move towards the $0.315 level may be possible. In case of withdrawals, the $0.204 level appears as support.
OUNCE OF GOLD
As of the morning hours, ounce gold is priced at 2382.48 dollars with a 0.48% gain in value. $2392 is currently working as resistance. $2350 appears as the new support. For an upward movement, support must be obtained from $ 2392 and pricing above $ 2400 must be realized. If the pullback intensifies, 2330 is at major support.
OUNCE OF SILVER
Silver is priced at $30.80 with a 0.84% gain in value as of the morning hours. When we examine the four-hour chart, we see that pricing is above the $31 level, which we follow as the support zone. If this movement continues, an upward move towards the $31.50 region may be possible. In upward movements, it is important to maintain permanence above the 31 dollar level.
